• NV5 Announces Record First Quarter Results; Exceeds Analyst Consensus and Increases Full-Year Guidance

    المصدر: Nasdaq GlobeNewswire / 05 مايو 2022 16:01:02   America/New_York

    HOLLYWOOD, Fla., May 05, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a provider of technology, conformity assessment, and consulting solutions, today reported financial results for the first quarter ended April 2, 2022.

    "NV5 delivered a record first quarter, generating double-digit growth in gross revenues, net income, Adjusted EBITDA, and earnings per share as a result of NV5’s strategy and business model. Growth in the quarter was led by strong performances in the utility services, testing and inspection, environmental, and energy efficiency businesses. We enter the second quarter with a strong backlog and pipeline to build upon our growth in 2022 and are increasing our full-year guidance," said Dickerson Wright, PE, Chairman and CEO of NV5.

    First Quarter 2022 Results

    • Gross revenues in the first quarter of 2022 were $190.2 million compared to $153.1 million in the first quarter of 2021, a 24% increase.
    • Net income in the first quarter of 2022 was $8.6 million compared to $5.5 million in the first quarter of 2021, a 58% increase.
    • Adjusted EBITDA in the first quarter of 2022 was $28.9 million compared to $24.2 million in the first quarter of 2021, a 19% increase.
    • GAAP EPS in the first quarter of 2022 was $0.57 per share compared to $0.41 per share in the first quarter of 2021, a 39% increase.
    • Adjusted EPS in the first quarter of 2022 was $0.99 per share compared to $0.88 per share in the first quarter of 2021, a 13% increase. Diluted weighted average shares were 15,216,105 in the first quarter of 2022 compared to 13,429,102 in the first quarter of 2021.
    • Cash flows provided by operations were $46.5 million in the first quarter of 2022.

    Increased Full-Year 2022 Guidance

    • Increased gross revenues to a range of $785 million to $810 million (previously $773 million to $802 million).
    • Increased GAAP EPS to a range of $3.57 per share to $3.92 per share (previously $3.34 per share to $3.65 per share).
    • Increased Adjusted EPS to a range of $5.39 per share to $5.80 per share (previously $5.39 per share to $5.70 per share).

    Use of Non-GAAP Financial Measures; Comparability of Certain Measures

    Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is not a measure of financial performance under GAAP. Adjusted EBITDA reflects adjustments to EBITDA to eliminate stock-based compensation expense and acquisition-related costs. Management believes adjusted EBITDA, in addition to operating profit, Net Income, and other GAAP measures, is a useful indicator of our financial and operating performance and our ability to generate cash flows from operations that are available for taxes, capital expenditures, and debt service. A reconciliation of Net Income, as reported in accordance with GAAP, to adjusted EBITDA is provided at the end of this news release.

    Adjusted earnings per diluted share (“Adjusted EPS”) is not a measure of financial performance under GAAP. Adjusted EPS reflects adjustments to reported diluted earnings per share (“GAAP EPS”) to eliminate amortization expense of intangible assets from acquisitions, net of tax benefits, and acquisition-related costs. As we continue our acquisition strategy, the growth in Adjusted EPS may increase at a greater rate than GAAP EPS. A reconciliation of GAAP EPS to Adjusted EPS is provided at the end of this news release.

    Our definition of Adjusted EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Income, and Diluted Earnings per Share. In addition, when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.

    Conference Call 

    NV5 will host a conference call to discuss its first quarter 2022 financial results at 4:30 p.m. (Eastern Time) on May 5, 2022. The accompanying presentation for the call is available by visiting http://ir.nv5.com.  

    Date: Thursday, May 5, 2022
    Time: 4:30 p.m. Eastern
    Toll-free dial-in number:  +1 888-412-4117
    International dial-in number: +1 646-960-0284
    Conference ID:  6172299
    Webcast: http://ir.nv5.com

    Please dial-in at least 5-10 minutes prior to the start time to allow the operator to log your name and connect you to the conference.

    The conference call will be webcast live and available for replay via the “Investors” section of the NV5 website.

    About NV5

    NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and internationally. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release and on the conference call. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

    Investor Relations Contact

    NV5 Global, Inc.
    Jack Cochran
    Vice President, Marketing & Investor Relations
    Tel: +1-954-637-8048
    Email: ir@nv5.com

    Source: NV5 Global, Inc.

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED) 
    (in thousands, except share data)

     April 2, 2022 January 1, 2022
    Assets   
    Current assets:   
    Cash and cash equivalents$81,948 $47,980
    Billed receivables, net 129,990  153,814
    Unbilled receivables, net 87,627  89,734
    Prepaid expenses and other current assets 8,758  12,442
    Total current assets 308,323  303,970
    Property and equipment, net 36,297  32,729
    Right-of-use lease assets, net 41,899  44,260
    Intangible assets, net 180,081  188,224
    Goodwill 389,954  389,916
    Other assets 3,299  2,844
    Total Assets$959,853 $961,943
        
    Liabilities and Stockholders’ Equity   
        
    Current liabilities:   
    Accounts payable$48,126 $55,954
    Accrued liabilities 58,043  50,461
    Billings in excess of costs and estimated earnings on uncompleted contracts 24,345  29,444
    Other current liabilities 1,266  1,551
    Current portion of contingent consideration 2,747  5,807
    Current portion of notes payable and other obligations 18,335  20,734
    Total current liabilities 152,862  163,951
    Contingent consideration, less current portion 3,984  2,521
    Other long-term liabilities 32,097  34,304
    Notes payable and other obligations, less current portion 107,931  111,062
    Deferred income tax liabilities, net 23,476  25,385
    Total liabilities 320,350  337,223
        
    Commitments and contingencies   
        
    Stockholders’ equity:   
    Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding   
    Common stock, $0.01 par value; 45,000,000 shares authorized, 15,495,451 and 15,414,005 shares issued and outstanding as of April 2, 2022 and January 1, 2022, respectively 155  154
    Additional paid-in capital 457,894  451,754
    Retained earnings 181,454  172,812
    Total stockholders’ equity 639,503  624,720
    Total liabilities and stockholders’ equity$959,853 $961,943
          

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF NET INCOME AND COMPREHENSIVE INCOME
    (UNAUDITED)
    (in thousands, except share data)

     Three Months Ended
     April 2, 2022 April 3, 2021
    Gross revenues$190,154  $153,095 
        
    Direct costs:   
    Salaries and wages 45,977   41,459 
    Sub-consultant services 34,825   23,246 
    Other direct costs 15,525   9,798 
    Total direct costs 96,327   74,503 
        
    Gross profit 93,827   78,592 
        
    Operating expenses:   
    Salaries and wages, payroll taxes and benefits 49,767   42,951 
    General and administrative 16,387   11,549 
    Facilities and facilities related 5,185   5,097 
    Depreciation and amortization 9,934   9,440 
    Total operating expenses 81,273   69,037 
        
    Income from operations 12,554   9,555 
        
    Interest expense (914)  (2,318)
        
    Income before income tax expense 11,640   7,237 
    Income tax expense (2,998)  (1,757)
    Net income and comprehensive income$8,642  $5,480 
        
    Earnings per share:   
    Basic$0.59  $0.43 
    Diluted$0.57  $0.41 
        
    Weighted average common shares outstanding:   
    Basic 14,693,323   12,876,822 
    Diluted 15,216,105   13,429,102 
            

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)

     Three Months Ended
     April 2, 2022 April 3, 2021
    Cash flows from operating activities:   
    Net income$8,642  $5,480 
    Adjustments to reconcile net income to net cash provided by operating activities:   
    Depreciation and amortization 11,167   10,542 
    Non-cash lease expense 3,092   2,161 
    Provision for doubtful accounts 678   (536)
    Stock-based compensation 4,789   3,696 
    Change in fair value of contingent consideration    209 
    Gain on disposals of property and equipment (54)  (530)
    Deferred income taxes (1,903)  (2,282)
    Amortization of debt issuance costs 185   227 
    Changes in operating assets and liabilities, net of impact of acquisitions:   
    Billed receivables 23,211   36,037 
    Unbilled receivables 2,042   2,032 
    Prepaid expenses and other assets 3,230   (1,114)
    Accounts payable (7,854)  (6,332)
    Accrued liabilities 4,684   2,629 
    Income taxes payable    3,085 
    Billings in excess of costs and estimated earnings on uncompleted contracts (5,104)  (7,241)
    Other current liabilities (289)  92 
    Net cash provided by operating activities 46,516   48,155 
        
    Cash flows from investing activities:   
    Cash paid for acquisitions (net of cash received from acquisitions) (326)  (15,007)
    Proceeds from sale of assets    460 
    Purchase of property and equipment (6,044)  (1,470)
    Net cash used in investing activities (6,370)  (16,017)
        
    Cash flows from financing activities:   
    Proceeds from common stock offering    150,000 
    Payments on notes payable (4,581)  (1,669)
    Payments of contingent consideration (1,597)  (150)
    Payments of borrowings from Senior Credit Facility    (143,207)
    Payments of common stock offering costs    (9,044)
    Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation    (52)
    Net cash used in financing activities (6,178)  (4,122)
        
    Net increase in cash and cash equivalents 33,968   28,016 
    Cash and cash equivalents – beginning of period 47,980   64,909 
    Cash and cash equivalents – end of period$81,948  $92,925 
            

    NV5 GLOBAL, INC. AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    TO COMPARABLE GAAP FINANCIAL MEASURES
    (UNAUDITED)
    (in thousands)

    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

      Three Months Ended
      April 2, 2022 April 3, 2021
    Net Income$8,642  $5,480 
    Add:Interest expense 914   2,318 
     Income tax expense 2,998   1,757 
     Depreciation and amortization 11,167   10,542 
     Stock-based compensation 4,789   3,696 
     Acquisition-related costs 355   449 
    Adjusted EBITDA$28,865  $24,242 
            

    RECONCILIATION OF GAAP EPS TO ADJUSTED EPS

      Three Months Ended
      April 2, 2022 April 3, 2021
    Net Income - per diluted share$0.57  $0.41 
    Per diluted share adjustments:   
    Add:Amortization expense of intangible assets and acquisition-related costs 0.57   0.63 
     Income tax expense (0.15)  (0.16)
    Adjusted EPS$0.99  $0.88 

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